Mouse Trap

Document Title: Week 01 – Discussion

Student Name: Syed Ali

Is "building a better mousetrap" really a key to enterprise growth? Why or why not?

If “Building a better mousetrap” is a metaphor for building a new or better product, in my opinion, simply building a new or a better product is not necessarily innovative and the key to enterprise growth. It is however one of the contributing factors towards the ultimate goal of progression and growth. By creating and implementing ideas that create new customer value” (1), innovation ensures enterprise growth.

The first step is for the corporation to determine the scope of innovation. This does not only entail defining in depth the sole purpose behind giving birth to a new or better product, but also justifying its exclusivity and existence. Essentially for productivity and effectiveness, “innovation needs to be taken out of the clouds and translated into actionable vectors” (1). Once defined, the essence of innovation needs to be communicated effectively within the corporation so that the passion for implementation grows within employees.

Nest step involves extensive market research and thorough understating of customer needs since innovation “is more than meeting the customers’ needs today, it’s about anticipating the future” (1). Corporations need to invest time, effort and money towards market research and customer relations.

A corporation needs to foresee possible risk factors and adapt a superior risk mitigation framework to navigate through ever evolving social, environmental, political grounds. At the same time it needs to promote and encourage risk-taking internally among its employees so its creativity and innovative drive retains its buoyancy. A credible incentive mechanism needs to be in place so that motivation for innovative efforts keep flourishing and the contributors are well rewarded for their efforts. A corporation needs to successfully cultivate a culture that promotes and harvests...